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As the final crypto market experiences a slight acquire in complete market cap, Stellar (XLM) stands out with a considerable quantity of worth enhance over the past week. According to data from CoinMarketCap, the XRP competitor is up by 17.61%, outperforming each different high 100 cryptocurrency prior to now seven days. 

XLM To Reach $1?

With XLM at present hovering across the $0.13 worth zone, there are speculations on the following motion. Interestingly, a crypto analyst with the title EGRAG CRYPTO on X (previously Twitter) predicts that XLM might rise to $1 if sure circumstances are met. 

According to the analyst’s post on September 8, this bullish prediction is fashioned on a possible crossover between two technical indicators, particularly the 200-day Moving  Average (MA)and the 21-day Exponential Moving Average (EMA).

#XLM Heading for $1:

When the Bullish Cross happens on the weekly timeframe with the 21 EMA (Exponential Moving Average) and the 200 MA (Moving Average), I’m anticipating a possible surge of roughly 500% 📈.

The chart beneath is exhibiting promising indicators that the following… pic.twitter.com/33TrI2znLb

— EGRAG CRYPTO (@egragcrypto) September 8, 2023

To clarify, the MA indicator displays the typical worth knowledge over a selected time frame, e.g., 200 days. It is consistently up to date and can be utilized to establish commerce areas and acknowledge market traits.

On the opposite hand, The EMA performs an analogous operate however with a deal with more moderen worth factors. Due to its methodology of calculation, the EMA reacts to cost adjustments sooner than the MA. 

Based on EGRAG CRYPTO’s prediction, if there may be an upward crossover of the 21 EMA and 200 MA on XLM’s weekly chart, there’s a chance the token might expertise a 500% worth surge within the coming months, surpassing the greenback mark to commerce at $1.10. 

This prediction is principally based mostly on historic worth knowledge, as XLM witnessed an analogous huge worth acquire when this crossover occurred between 2020 and 2021. 

However, it’s price stating that each one predictions are speculations with out ensures and shouldn’t be relied on as funding recommendation. 

Another Partnership For Stellar?

In different information, the Stellar group seems to expect a large constructive replace within the subsequent few days. On September 2, Stellar Development Foundation shared with its crypto community that “Something cool is dropping in 10 days”. 

Something cool is dropping in 10 days.

Get able to gear up for a change that is received us all excited. Stay curious 😎 pic.twitter.com/CgNzfzwqmc

— Stellar (@StellarOrg) September 2, 2023

This announcement was nicely obtained, with the XLM token rising by 10% within the subsequent 24 hours. Interestingly, some fans predict Stellar might announce a brand new partnership within the coming week.

The blockchain community has already collaborated with firms equivalent to American remittance agency MoneyGram and Circle, the corporate behind the USDC stablecoin. In reality, Stellar announced a minority funding in MoneyGram earlier in August. 

For now, it stays unknown what this new growth may very well be. However, there may be the likelihood it might elicit some impact on XLM’s worth trajectory.

At the time of writing, XLM is buying and selling at $0.132, having gone up by $0.132 within the final day. In tandem, the token’s every day buying and selling quantity has gained by 21.33% and is valued at $119.14 million.

XLM buying and selling at $0.1308 on the hourly chart | Source: XLMUSDT chart on Tradingview.com

Featured picture from Stellar, chart from Tradingview.